Ouverture aux capitaux étrangers et restrictions sectorielles

There is NO general foreign-ownership limit on Moroccan listed equities: MSCI rates Morocco at its HIGHEST level for foreign ownership rules, and foreign investors receive the same treatment as domestic ones. Restrictions exist only in specific strategic sectors (notably agricultural land ownership, fisheries, and certain transport activities) and through sector-specific licensing (banking, insurance, telecoms). No prior authorisation is required to buy listed shares. The real barriers are operational, not legal: low free float and liquidity (average daily turnover of the order of MAD 400m), broker concentration and trading costs, absence of nominee accounts, and disclosure largely in French/Arabic.